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Whales Buy 3 Unexpected Cryptocurrencies, Here’s What Could Happen Now
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In recent days, three unexpected cryptocurrencies have gained prominence after significant movements by “whales” — large investors who hold vast volumes of cryptocurrencies.
Injective (INJ), Render (RNDR) and Polygon (POL) are the assets that have seen notable changes in the behavior of these entities, according to data from crypto intelligence tracking platform Santiment.
The movements suggest a possible appreciation of these assets, as whales withdraw their holdings from exchanges and transfer them to cold wallets. In practice, this could reduce selling pressure.
The behavior of large cryptocurrency investors is one of the most closely watched indicators by traders and analysts. When whales move their holdings to cold wallets, it usually signals an intention to hold them for the long term. After all, whales use these wallets for offline storage, away from trading platforms.
Whales are buying these cryptocurrencies
This movement reduces the supply of assets on exchanges, which in turn can reduce selling pressure and contribute to higher prices.
According to Santiment, whale movement in cryptocurrencies Injective, Render, and Polygon is creating price anomalies. This suggests future changes.
“These transfers indicate both short-term and long-term signals for the assets,” analysts at the platform explained. In particular, Injective (INJ) saw the majority of its holdings moved from exchanges to cold wallets in August 2023, a pattern that continued in the following months.
On September 9, 2024, Polygon, which recently migrated from MATIC to POL, also saw a massive whale movement. This type of movement could be an indication of increased future demand. This is because large investors are betting on the asset’s growth potential.
In turn, Render (RNDR) whales transferred their holdings to cold wallets on July 21, 2024. Since then, balances on exchanges have remained stable, suggesting an intention to hold.
These whale movements have a direct impact on prices. Last Tuesday, Injective, Render and Polygon saw a combined increase of almost 2%, reflecting the behavior of large investors. If the demand for these assets remains the same and the supply available on exchanges remains reduced, it is possible that the prices of these assets will continue to rise.
Whales Buy 3 Unexpected Cryptocurrencies, Here’s What Could Happen Now
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Whales Buy 3 Unexpected Cryptocurrencies, Here’s What Could Happen Now
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Whales Buy 3 Unexpected Cryptocurrencies, Here’s What Could Happen Now
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Whales Buy 3 Unexpected Cryptocurrencies, Here’s What Could Happen Now
